Global algae products market is expected to reach USD 3,318.1 million by 2022, at a CAGR of 6.7% during the forecast period of 2017 to 2022.
This report provides in-depth analysis of algae products market in five major geographies and emphasizes on the current market trends, market size, market share, recent developments, and forecast till 2022.
The factors such as growing demand for algae products from pharmaceutical and nutraceutical industries, increasing utilization of pigments from Microalgae due to strict regulations regarding the use of synthetic colors and flavors, and increasing preference for algae sourced products are driving the growth of algae products market. However, factors such as complex production and low awareness about the benefits of algae are expected to hinder the growth of this market to some extent.
Geographically, the market is segmented into five major geographies, namely North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. North America dominated the global algae products market in 2016. The large share of North America is mainly attributed to the growing nutraceutical market. The growth of this industry is mainly due to various factors such as rising aging population, increasing healthcare awareness, and higher incidence of allergies and intolerance.
4. Market Insights 4.1. Introduction 4.2. Drivers 4.2.1. Growing Demand for Algae Products from the Pharmaceutical and Nutraceuticals Industries 4.2.2. Increasing Utilization of Pigments from Microalgae Due to Strict Regulations Regarding the Inclusion of Synthetic Colours and Flavours 4.2.3. Increasing Preference to Algae Sourced Products, especially Omega-3 Fatty Acids 4.2.4. Other Drivers 4.3. Restraints 4.3.1. Complex Production of Algae 4.3.2. Low Awareness About the Benefits of Algae 4.3.3. Other Restraints 4.4. Opportunities 4.4.1. Emergence of New Application Areas 4.4.2. Growing Use of Microalgae in Aquaculture 4.4.3. Growing Use of Algae in Biofuel Production 4.4.4. Other Opportunities